智通财经APP获悉，阿里巴巴-W(09988)涨超2%，截至发稿，涨1.69%，报168港元，成交额30.43亿港 元。 消息面上，据阿里云公众号消息，1月26日，阿里巴巴正式发布千问旗舰推理模型Qwen3-Max- Thinking。该模型总参数量超万亿(1T)，预训练数据量高达36T Tokens。目前，开发者可在QwenChat上 免费体验Qwen3-Max-Thinking模型，企业可通过阿里云百炼获取新模型API服务，普通用户也可通过千 问PC端和网页端试用模型。此外，千问APP也即将接入新模型，所有用户都可免费体验千问最强模 型。 ...

【申万互联网传媒】AWS涨价，关注国内云厂投资机会 AWS近期对AI算力服务EC2机器学习容量块进行了约15%的价格上调。 此次涨价反映了上游硬件成本上涨传导，同时确认了下游需求强劲。 对于国内，大厂今年加大AI超级入口投入或加快应用普及，需求端的提价空间逐渐增大。 上游硬件成本上涨传导，叠加部分GPU资源仍供给紧张，国内云厂对部分产品调整价格策略逻辑成立。 但国内云厂竞争更为激烈，后续除观察收入增速，也需关注利润率变化。 国内云厂长期提升利润率关键？ 自研芯片降低成本，全栈AI提升粘性；能做更高利润率的SaaS，出海做大收入空间。 相关标的 【阿里巴巴】国内云厂领军，全栈AI强技术能力，平头哥自研芯片成本优势大； 上游硬件成本上涨传导，叠加部分GPU资源仍供给紧张，国内云厂对部分产品调整价格策略逻辑成 【申万互联网传媒】AWS涨价，关注国内云厂投资机会 AWS近期对AI算力服务EC2机器学习容量块进行了约15%的价格上调。 此次涨价反映了上游硬件成本上涨传导，同时确认了下游需求强劲。 对于国内，大厂今年加大AI超级入口投入或加快应用普及，需求端的提价空间逐渐增大。 【腾讯控股】25年腾讯云扭亏为盈，差异化竞 ...

Core Insights - The article presents the 2025 China Internet Value List, highlighting the leading applications in various sectors based on user scale and growth rates, particularly focusing on the AIGC (Artificial Intelligence Generated Content) sector and its rapid expansion [2][3]. User Scale Rankings - The top applications by average monthly active users (MAU) from October 2024 to September 2025 include: - WeChat: 109,455.43 million - Taobao: 96,273.09 million - Alipay: 92,643.15 million - Douyin: 88,686.16 million - Gaode Map: 88,685.78 million [5][6]. User Growth Rankings - The top applications with significant user growth (MAU over 50 million) include: - DeepSeek (AIGC): 14,455.28 million, newly launched - 080 (AIGC): 17,204.20 million, with a growth rate of 309.86% - Delta Action (Shooting Game): 5,114.65 million, with a growth rate of 188.57% [9]. Smart TV User Scale - The leading smart TV brands by active device count as of September 2025 are: - Xiaomi: 5,953.76 million - Hisense: 4,615.66 million - Skyworth: 4,423.28 million [11]. OTT Application User Scale - The top OTT applications by active device count include: - Galaxy Qiyi: 12,831.20 million - CIBN Cool Media: 12,483.30 million - Mango TV: 6,548.21 million [12]. AI Application Rankings - The top AI applications by user scale in September 2025 include: - Wenxin Assistant (Baidu AI): 34,729.5 million - 080 (AIGC): 17,204.2 million - Ant Financial Assistant: 8,962.9 million [14]. Advertising Platforms - The leading advertising platforms by user count are: - Tencent Ads: 126,889.06 million - Alibaba Mama: 119,293.23 million - Giant Star Engine: 108,723.63 million [33][34]. Consumer Brand Online Private Domain Traffic - The top consumer brands by online private domain user scale include: - Huawei: 40,563.44 million - Oppo: 26,934.89 million - VIVO: 23,626.35 million [21].

全年预计实现归母净利润2，500万-3，700万元，同比增长128.69%-142.46%，实现扭亏为盈。 业绩拐点核心驱动力来自"锚定大客户"战略的巨大成功，字节跳动与阿里巴巴两大巨头订单引爆增长。 核心驱动力 大客户战略：字节、阿里2025年订单额均大幅增长（2024年已分别拿下2.7亿元、近1亿元）。 依米康业绩预告点评 全年预计实现归母净利润2，500万-3，700万元，同比增长128.69%-142.46%，实现扭亏为盈。 依米康业绩预告点评 大客户战略：字节、阿里2025年订单额均大幅增长（2024年已分别拿下2.7亿元、近1亿元）。 海外主攻：2025年前三季度海外订单近8，000万元，超2024全年4，000多万元，已切入微软、Oracle供应链；马来 西亚分公司已落地。 液冷突破：中标广州天河智算中心一期（约9，000万元），35台机柜采用公司液冷方案，全栈能力获验证。 业绩拐点核心驱动力来自"锚定大客户"战略的巨大成功，字节跳动与阿里巴巴两大巨头订单引爆增长。 国资赋能：引入四川发展战投，2026年资源协同可期。 核心驱动力 ...

【TF计算机】阿里千问3引爆算力需求，IDC产业链再迎强催化 #阿里正式发布万亿参数旗舰推理模型Qwen3-Max-Thinking，总参数量突破1T、预训练数据量达36T Tokens，成为阿 里史上规模最大、能力最强的千问模型。 模型参数与训练数据的极致扩容，直接推动算力需求爆发式增长，为IDC产业链带来确定性增量。 其原生Agent能力的大幅增强，也将加速大模型在各场景落地，进一 【TF计算机】阿里千问3引爆算力需求，IDC产业链再迎强催化 #阿里正式发布万亿参数旗舰推理模型Qwen3-Max-Thinking，总参数量突破1T、预训练数据量达36T Tokens，成为阿 里史上规模最大、能力最强的千问模型。 其原生Agent能力的大幅增强，也将加速大模型在各场景落地，进一步拉动算力产业链景气度上行。 ➡ 万亿参数大模型的训练与推理，对数据中心的单机柜功率、液冷技术及算力调度能力提出更高要求，IDC基础 设施升级迫在眉睫。 阿里算力集群的持续扩张，与"以租代买"模式的深化，让绑定其生态的IDC厂商直接受益。 1 核心IDC供应商：#数据港（阿里系收入占比超80%）、润泽科技、杭钢股份（联合阿里投建浙江云 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion centers around Alibaba and its AI platform, specifically the Qwen3-Max-Thinking model, which is part of the AI retail sector. Core Points and Arguments - **Launch of Qwen3-Max-Thinking Model**: On January 26, Alibaba officially released its flagship reasoning model, Qwen3-Max-Thinking, which is the largest and most capable model from Alibaba to date. The Qwen app is also set to integrate this model [1][1]. - **Performance Comparison**: The overall performance of the Qwen model is comparable to leading international AI models, having set new best performances in several categories across 19 recognized large model benchmark tests [1][1]. - **Enhanced Reasoning Efficiency**: The model employs a new testing time extension mechanism that significantly improves reasoning performance and efficiency, allowing for more effective inference calculations in the same context [2][2]. - **User Interaction Improvement**: The model can now think and use tools like a professional, providing responses that are more user-friendly, intelligent, and fluid, while also reducing model hallucinations [3][3]. Additional Important Insights - **AI Traffic Competition**: The current competition for AI traffic entry points is intensifying, particularly as the Spring Festival approaches. Major internet companies are vying for dominance in this space, reminiscent of the competitive landscape seen in 2015 during the Spring Festival payment market battle [4][4]. - **Expected User Growth**: It is anticipated that the number of users on AI platforms will reach new highs during the Spring Festival, potentially driving market trends [4][4]. - **Investment Opportunities**: Following a collective surge in stock prices in early January, the market has stabilized, presenting a second wave of investment opportunities driven by industry catalysts. Alibaba's ecological advantages in the AI traffic competition are emphasized, with recommendations for investments in Alibaba and related AI e-commerce opportunities, including companies like Yiwang Yichuang, Qingmu Technology, and Worth Buying [4][4].

Core Viewpoint - The article discusses the upcoming changes in the domestic AI industry in 2026, highlighting significant investments in technology, increased competition among major players, and market segmentation [3][40]. Group 1: Major Players and Their Strategies - Tencent announced a cash giveaway of 1 billion yuan for the Spring Festival, aiming to replicate the success of its previous marketing campaigns [4][12]. - Baidu is also participating by offering 500 million yuan in cash for the Spring Festival and collaborating with Beijing TV for the event [12]. - ByteDance has secured a partnership with CCTV for the Spring Festival, focusing on its AI cloud service platform, Volcano Engine, although the exact sponsorship amount remains undisclosed [12][21]. - Alibaba is integrating its applications to create a super app, Qianwen, which will serve as a comprehensive platform for various services, including food delivery and navigation [12][29]. Group 2: Investment Trends - ByteDance's capital expenditure for 2025 is projected to be around 160 billion yuan, with plans to increase it to 300 billion yuan for 2026 [21]. - Alibaba announced a three-year investment plan of 380 billion yuan for AI development, which may be conservative according to their estimates [22]. - Tencent's AI capital expenditure for 2025 is expected to approach 100 billion yuan, focusing primarily on AI investments [22]. Group 3: Competitive Landscape - The current competitive landscape is likened to the Warring States period, with major players like ByteDance, Alibaba, Tencent, and Baidu each having distinct strengths [23][28]. - The article identifies a structure of "3+1" for the leading companies, with ByteDance, Alibaba, Tencent, and Baidu as the primary players, while other smaller firms are categorized under "5" and "N" for niche markets [24][25]. - The competition is shifting from pure model capabilities to application and entry point competition, indicating a broader strategic focus among the giants [13]. Group 4: Future Outlook - The year 2026 is anticipated to be a pivotal year for AI, characterized by significant technological investments, competitive differentiation, and market segmentation [40]. - The article suggests that while the current competition is intense, the ultimate winners remain uncertain, with potential for various companies to emerge as leaders [39][40]. - The need for a sustainable business model is emphasized, as many companies are currently relying on subsidies and user acquisition strategies that may not be viable long-term [39].

1月20日，一家名为"中核（象山）核能有限公司"（下称"象山核能"）的公司低调完成工商注册，公司注册资本2.5亿。 但是，眼尖的媒体很快发现，阿里巴巴系成员公司——上海毅旗网络科技有限公司（下称"毅旗网络"）位列股东名册。华夏能 源网注意到，毅旗网络注册资本1000万元，由阿里巴巴旗下阿里云100%持股。 很快，阿里巴巴入局核电的消息就铺天盖地散播开来。媒体解读，阿里巴巴与中国核电成立核能合资公司的目的，是为了将来 为人工智能数据中心提供强有力的供电保障。 | 序号 | | 股东名称 | 持股比例 ÷ | 认缴出资额(万元) ÷ | 认缴出资目期÷ | 关联产品/机构 | | --- | --- | --- | --- | --- | --- | --- | | 1 | | 中核沥能能源有限公司 品 | 61.69% | 15422.5 | 2026-06-30 | | | | | 控股股东 | | | | | | 2 | 中核 | 中核核能开发（北京）有限公司 品 | 19.54% | 4885 | 2026-06-30 | 中国核电 | | | | 国有控股 | | | | | | 3 | 雅戈 尔集 | ...

Industry Insights - The Shanghai Futures Exchange has implemented measures to cool down the market, adjusting the price limits and margin requirements for silver, tin, and copper futures, indicating a strong stance against violations [1] - The Ministry of Commerce plans to optimize the implementation of the old-for-new consumption policy to boost sales of durable goods such as home appliances and automobiles in 2026 [3] - The game industry in China is experiencing a favorable policy environment, with 177 domestic game licenses approved in 2026, maintaining a high supply level [11] Macro Insights - The People's Bank of China emphasizes the need for proactive assessment of systemic financial risks and aims to maintain the stability of financial markets through a comprehensive macro-prudential management system [2] Market Commentary - Recent discussions around the "Dragon and Tiger List" system highlight its role in enhancing market transparency and providing valuable information for small investors, which could improve regulatory oversight [4] - The market is expected to see a continued divergence in short-term trends, with technology sector hotspots potentially shifting towards more niche areas [7] - The outlook for the rare earth sector remains positive, with expectations of stable demand and a new inventory replenishment cycle, driven by recent price increases [10]

Core Viewpoint - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which sets new global records in various key performance benchmarks, including scientific knowledge, mathematical reasoning, and code programming [1][3]. Group 1: Model Specifications - The Qwen3-Max-Thinking model has over 1 trillion parameters and a pre-training data volume of 36 trillion tokens, making it Alibaba's largest and most capable reasoning model to date [3]. - The model has achieved state-of-the-art (SOTA) performance in 19 recognized large model benchmark tests, comparable to models like GPT-5.2-Thinking-xhigh, Claude Opus 4.5, and Gemini 3 Pro [3]. Group 2: Enhanced Capabilities - Qwen3-Max-Thinking has improved its native agent capabilities for autonomous tool invocation, allowing it to intelligently combine tools for various tasks [3]. - The model's adaptive tool invocation ability can be experienced on QwenChat, where it autonomously selects core agent tools such as search, personalized memory, and code interpreter, while also reducing model hallucinations [3]. Group 3: User Accessibility - Developers can experience the Qwen3-Max-Thinking model for free on QwenChat, while enterprises can access the new model's API services through Alibaba Cloud [4]. - The Qwen APP has integrated the new model and is set to provide users with access to over 400 AI service functions, enhancing user interaction with various Alibaba ecosystem services [6][7]. Group 4: Future Developments - Alibaba plans to gradually introduce agentic-AI features in the Qwen application to support shopping functionalities across its platforms, with a focus on enhancing the model's understanding and discernment capabilities [7]. - The company is investing significantly in AI infrastructure, with a projected investment of 380 billion yuan, aiming to develop both services and the underlying technology [9].